The South Australian property market continues its growth trajectory with a 9.66% increase in median house prices over the past twelve months and an increase of 1.49% versus the previous quarter.

Following the release of the Valuer-General’s price data for the 2021 September quarter, REISA CEO, Barry Money said that the results continued to be significant given that the third quarter traditionally shows a slowing down of the real estate market.

“Once again, vendors undoubtedly are the winners thanks to the new record median price which climbed to $560,000 this quarter across metropolitan Adelaide. This is a very strong increase of 3.70% from the last quarter and a record-breaking increase of 13.82% from the same quarter last year.” Mr Money said.

Suburbs which have seen the largest growth over a 12 month period (with 10 or more recorded sales in the current quarter) were Beaumont, Bridgewater and Gulfview Heights with increases of 89.86%, 85.54% and 57.36% respectively. Other big movers included Sellicks Beach, Smithfield Plains and Broadview.

Top selling suburbs in terms of recorded sales over the September quarter were Mount Barker, Morphett Vale and Craigmore. Other top performing suburbs included Munno Para West, Parafield Gardens and Paralowie.

“The top selling suburbs remain very consistent over each quarter. This is a clear demonstration that the key drivers of buyer and investor sentiment include affordability, development potential and rental return.”

“The volume of sales continues to be strong in South Australia. Investors continue to flock to South Australia attracted by comparatively high rental yields but now strong capital growth. However, limitations in supply alongside favourable macro-economic factors such as interest rates and consumer confidence will continue to drive prices upwards and render housing affordability an ongoing struggle for first home buyers.” Mr Money said.

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